EPIC GAS LTD. – PRIVATE PLACEMENT OF NEW SHARES
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Singapore, 17 June 2015
Private Placement of new shares totaling US$ 50 million to be subscribed by existing shareholders
The Board of Epic Gas Ltd. (the “Company”) has resolved to offer 22,222,222 new shares to existing shareholders as at 12 June 2015 (“Record Date”) through a Private Placement. The subscription price has been set to US$ 2.25 per new share.
Each existing shareholder as at Record Date will be given the opportunity to subscribe for their pro rata share of the new shares to be issued in the Private Placement. Each existing share will give the opportunity to subscribe for 0.7475 new shares, each with a nominal value of US$ 0.01. Existing shareholders may offer to oversubscribe for their pro rata interest in the offering.
The subscription period runs from and including 17 June to and including 1 July 2015, however the Board may at its own discretion extend the subscription period.
The Private Placement will be fully subscribed by affiliates of Jefferies Capital Partners, DVB Shipping and Intermodal Investment Management Fund II, New Dynamo Ltd. (founding shareholders of Epic Shipping), and Archipelago Holdings (affiliate of Diamantis Pateras Maritime Ltd.), collectively defined as the “Founders”. The Founders’ levels of over subscription are sufficient to cover the sale of all of the shares to be issued in this Private Placement.
The Company has retained Clarksons Platou Securities AS as manager for the Private Placement. Existing shareholders will receive all subscription materials by regular mail to the address registered in the VPS registry of shareholders.
The new shares will rank equal to the Company’s already issued shares in all respects and carry equivalent rights to existing shares as from the date they are issued. All new shares will be registered in the VPS under the company’s existing securities ISIN VGG3175Q1081 when issued and be registered on the NOTC under the Company ticker EPIC.
About Epic Gas
Epic Gas owns and operates a fleet of fully pressurised gas carriers providing seaborne services for the transportation of liquefied petroleum gas and petrochemicals. The company controls a fleet of 45 vessels which serve the international supply chains of leading oil majors and commodity trading houses throughout Asia, Europe, Africa and the Americas.
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